Bitget sets to innovate gas payments with BGB token amid major 40% supply burn
Bitget Wallet will prioritize its native BGB token for multi-chain gas payments via its innovative GetGas feature starting January 2025, according to a Dec. 27 statement shared with CryptoSlate.
This initiative is set to streamline operations across multiple blockchains, including Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Tron.
According to the firm, its users will be able to pay gas fees using BGB, USDT, or USDC, eliminating the need for unique gas tokens on individual chains. This approach simplifies transactions and enhances cost efficiency.
Further, the wallet’s Reward Center will offer opportunities to earn free gas vouchers through simple tasks that would help reduce their expenses.
Alvin Kan, COO of Bitget Wallet, said:
“By integrating multi-chain gas payments, unlocking new possibilities in DeFi and PayFi, and simplifying onchain interactions, we aim to make decentralized technology accessible and intuitive.”
Bitget Wallet currently serves over 60 million users worldwide, making it one of the leading non-custodial wallet providers in the crypto space.
BGB token burn
Meanwhile, Bitget also revealed plans to burn 40% of the total BGB token supply, reducing it to 1.2 billion tokens from 2 billion.
Furthermore, Bitget will commence quarterly BGB token burns starting in 2025. The firm said it would allocate 20% of its profits from exchange and wallet operations to facilitate these burns.
Bitget said these buybacks and burns would help drive demand for BGB and could make the digital asset “one of the top 10 foundational assets in the crypto industry.”
This development comes as Bitget merged its Bitget Wallet Token (BWB) with the BGB token, aiming to streamline operations and enhance token utility across its services. The unified token now serves as a versatile utility asset within the Bitget exchange and wallet environments.
According to CryptoSlate data, BGB has increased 15% in the last 24 hours, reaching an all-time high of $8.49. The exchange token is the 16th largest crypto asset by market capitalization, with a more than $11 billion valuation.
The post Bitget sets to innovate gas payments with BGB token amid major 40% supply burn appeared first on CryptoSlate.
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Bitget sets to innovate gas payments with BGB token amid major 40% supply burn
Bitget Wallet will prioritize its native BGB token for multi-chain gas payments via its innovative GetGas feature starting January 2025, according to a Dec. 27 statement shared with CryptoSlate.
This initiative is set to streamline operations across multiple blockchains, including Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Tron.
According to the firm, its users will be able to pay gas fees using BGB, USDT, or USDC, eliminating the need for unique gas tokens on individual chains. This approach simplifies transactions and enhances cost efficiency.
Further, the wallet’s Reward Center will offer opportunities to earn free gas vouchers through simple tasks that would help reduce their expenses.
Alvin Kan, COO of Bitget Wallet, said:
“By integrating multi-chain gas payments, unlocking new possibilities in DeFi and PayFi, and simplifying onchain interactions, we aim to make decentralized technology accessible and intuitive.”
Bitget Wallet currently serves over 60 million users worldwide, making it one of the leading non-custodial wallet providers in the crypto space.
BGB token burn
Meanwhile, Bitget also revealed plans to burn 40% of the total BGB token supply, reducing it to 1.2 billion tokens from 2 billion.
Furthermore, Bitget will commence quarterly BGB token burns starting in 2025. The firm said it would allocate 20% of its profits from exchange and wallet operations to facilitate these burns.
Bitget said these buybacks and burns would help drive demand for BGB and could make the digital asset “one of the top 10 foundational assets in the crypto industry.”
This development comes as Bitget merged its Bitget Wallet Token (BWB) with the BGB token, aiming to streamline operations and enhance token utility across its services. The unified token now serves as a versatile utility asset within the Bitget exchange and wallet environments.
According to CryptoSlate data, BGB has increased 15% in the last 24 hours, reaching an all-time high of $8.49. The exchange token is the 16th largest crypto asset by market capitalization, with a more than $11 billion valuation.
The post Bitget sets to innovate gas payments with BGB token amid major 40% supply burn appeared first on CryptoSlate.
Read More